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Business News of Thursday, 20 July 2017


Fidelity bank shows interest in government's NEIP

Some financial institutions in the country have expressed their readiness to assist government in the disbursement of the ten million dollars provided as seed capital for the National Entrepreneurship and Innovation Plan (NEIP) to support entrepreneurs.

The fund, which was launched last week by President Akufo-Addo with a seed capital of ten million dollars is aimed at supporting young entrepreneurs grow their businesses.

Speaking to Citi Business News on the matter, Managing Director of Fidelity Bank, Jim Baiden commended government for the initiative to support young businesses.

“Without a doubt what the government has done is very commendable. To provide seed capital with an amount of ten million US dollars to promote the capital or the business of young entrepreneurs in the business space is very commendable”.

Mr. Baiden also said should government route some of the money through Fidelity Bank, the bank will double the amount to promote SME businesses in the country.

“So what we are saying at Fidelity is that for every pesewa of that ten million dollars if some of that money is routed through Fidelity bank, we will match it with equal dollars. So dollar for dollar.

If five million dollars is channeled through Fidelity bank to support to SME business, to support young entrepreneurs, Fidelity bank will match it with another five million dollars,” he assured.

Mr. Baiden made these comments at the sidelines of the launch of a summit to promote SMEs.

The Summit will be held on November 20, 2017 in Accra on the theme: ‘Scaling up SMEs for Inclusive Growth: The event will be an essential gathering for CEOs, business leaders, among others to engage in common current issues, to discuss major trends, opportunities and challenges.